Ocular Therapeutix stock rises after posting Q4 results beat, strong guidance
Imilian
- Shares of Ocular Therapeutix (NASDAQ:OCUL) on Tuesday gained as much as 13.3% to $6.32, after the company reported Q4 results that beat estimates.
- OCUL after hours on Monday posted Q4 GAAP EPS of -$0.24 which beat estimates by one cent. Revenue rose 14.5% Y/Y to $14.1M which also beat expectations by $0.57M.
- Bedford, Mass.-based OCUL has an FDA approved product in the form of steroid Dextenza for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis.
- Dextenza net product revenue for Q4 was $13.9M (+14% Y/Y).
- OCUL said it expected FY 2023 Dextenza net product revenue of $55M to $60M. The consensus revenue estimate is $58.25M.
- OCUL also said it now expected its existing cash and cash equivalents to fund its expenses and requirements "to the middle of 2024" as compared to "through 2023" previously.
- Into the final hour of trading, OCUL stock had given up a chunk of its gains and was last up 4.8% to $5.85.